10 Life Milestones Requiring an Estate Plan Checkup - Part 1

Posted by Yuki Ku | Sep 15, 2023 | 0 Comments

Maybe you've heard that creating a Will or Trust means your family and assets are safe forever. That's a common belief since many lawyers present it that way. You consult with your attorney, they draft documents, and you put them away. Estate plan, done. But in reality, it's not so simple, and thinking that way can lead to problems down the road.

The truth is, life is full of surprises, and they can significantly impact your estate plan, making it not work as intended. To ensure your plan remains effective as life evolves, we recommend reviewing it every three years. We're so committed to this that we offer our clients free plan reviews every three years.

Moreover, certain life events should immediately prompt a professional review of your plan. Let's dive into these events and how they can affect your estate plan, sometimes requiring changes.

01 | Changes in Your Money and Debts

Life often brings changes to your financial situation. Acquiring new assets, selling property, or taking on debt can all affect your estate plan. You might need to update asset distribution, beneficiary designations, and financial provisions to make sure they're current and accurately reflect your wishes. Having an updated inventory of your assets is crucial too, as it ensures your family knows what you have and where to find it in case something happens to you.

02 | Ventures in Business

If you've bought, sold, or started a business, it's time for an estate plan update. Owning a business adds complexity, and you must clarify what happens to your business upon your death, ensuring a smooth transition of ownership if necessary.

03 | Welcoming a Child

When a new child joins your family, it's essential to update your estate plan to protect their well-being and financial future. This includes naming guardians, creating a Kids Protection Plan, and securing their financial stability through Trusts or other means.

04 | Child Grows Up

As your child becomes an adult, it's time to review how they'll receive their inheritance and make arrangements for someone to make healthcare decisions or manage their finances if they can't. Think about using a Lifetime Asset Protection Trust for long-term financial security, protecting their inheritance from potential legal issues down the road.

05 | Losing a Loved One

The loss of a family member can have a profound impact on your estate plan. Update your documents to ensure assets go to the right people. If the deceased person had specific roles in your plan, appoint new individuals to fill those roles.

Estate Planning Should Evolve

Your estate plan is the foundation that protects your family and your finances today and in the future. But it's not something you can set and forget; it should adapt as your life changes. As your Personal Family Lawyer®, we're here to guide you through these changes and keep your estate plan effective.

If you've experienced a significant life event or need to create an initial estate plan, schedule a free 15-minute discovery call. We'll discuss your family dynamics and goals, address any recent changes, and create a comprehensive estate plan for your peace of mind.

Don't forget to return next week for more insights on when it's time to review your estate plan. We'd love to hear your thoughts and questions in the comments below!

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This article is a service of Roots + Wings Legal, a Personal Family Lawyer® Firm. We don't just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

About the Author

Yuki Ku

Yuki Ku Chief Attorney Roots and Wings Legal Get In Touch Welcome to Roots and Wings Legal, where we are committed to helping you secure your family's future and ensure a smooth transition for your business. My name is Yuki Ku, and I am an estate planning attorney based in the vibrant San F...


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